Perth, Western Australia, 11 August 2023 – Chevron Corporation, through its Chevron Australia New Energies Pty Ltd and Chevron Australia Pty Ltd subsidiaries, today announced an investment in a lower carbon project in Western Australia (WA).

In its first nature-based carbon offsets project in Australia, Chevron will provide funding to the WA-based Carbon Sync, which is leading a soil carbon sequestration pilot project involving up to 80,000 hectares of WA’s cropping and grazing region.

Chevron New Energies Vice President of Offsets and Emerging Barbara Harrison said, “We believe that the future of energy is lower carbon. Australia is not only an essential part of Chevron’s established portfolio, but we also see tremendous potential to develop businesses that help achieve our lower carbon aspirations.”

Chevron Australia’s General Manager, Energy Transition, David Fallon agreed, “This project we are part of in WA is an example of a pathway on that lower carbon journey. Our collaboration with Carbon Sync is expected to provide critical insights related to soil carbon projects, in a region with large potential for scale to help meet the forecasted demand for Australian Carbon Credit Units (ACCUs),” Fallon said. 

Carbon Sync Founder and CEO Louise Edmonds said, “I am thrilled that a large multinational organisation has recognised the potential of Carbon Sync to change the carbon equation for WA’s agricultural industry, as well as create jobs and further investment for our state. Through these pilot projects, we aim to enhance the sustainability of WA’s agricultural sector and improve biodiversity outcomes.”

About Chevron Australia
Chevron is one of the world’s leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for 70 years. With the ingenuity and commitment of thousands of workers, Chevron Australia operates the Gorgon and Wheatstone natural gas facilities; manages its equal one-sixth interest in the North West Shelf Venture; operates Australia’s largest onshore oilfield on Barrow Island; is a significant investor in exploration; and via Caltex and Puma Energy delivers quality fuel products and services across Australia, operating or supplying a network of more than 360 retail locations and an extensive 24-hour hour diesel stop network, as well as 14 depots and three seaboard terminals.

About Carbon Sync
Carbon Sync is a Western Australian agricultural education and extension service provider specialising in soil carbon farming project development. Carbon Sync works one-on-one with farmers to restore soil health using the principles of Regenerative Agriculture and Holistic Management. Carbon Sync is a signatory to the Australian Carbon Market Industry Code of Conduct and is a Corporate Authorised Representative of Australian Financial Services Licence number 450874.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rulesetting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 of the company’s 2022 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Carbon Sync – General Advice and Information Only

Any advice and information in this release is general only and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice in this release, you should assess or seek financial and/or legal advice on whether it is appropriate for your needs, financial situation and investment objectives.

Chevron
Cam Van Ast
Lead External Affairs Advisor, Asia Pacific
cameron.vanast@chevron.com

Carbon Sync
Fleur Edwards
Marketing and PR Manager
fleur@carbonsync.com.au

PERTH, Australia — Carbon Sync’s Founder and CEO, Louise Edmonds, today launched the Expression of Interest process for Soil Carbon Farming in Western Australia. 

Carbon Sync, a Western Australian soil carbon project developer, has been funded to roll out a six-year Soil Carbon Farming Pilot Project. The Carbon Sync team is actively speaking with farmers and landholders who are considering soil carbon farming on their land. 

“We’re excited to get the project underway,” said Edmonds. “As a regenerative agriculture and soil carbon project developer, our vision has always been a Western Australian South West Land Division displaying healthy functioning ecosystem processes. We aim to help farmers to contribute to a rich biological diversity and abundant wildlife. Furthermore, we’re working towards well-covered living soils, rich in organic matter, streams and rivers running clean and full of life and clean air. We want to see farms producing nutrient-rich food and fibre and thriving human communities interacting in harmony with the environment.” 

She added, “There are multiple advantages of soil carbon farming, and we hope to speak of the benefits to as many WA farmers as possible. As a WA-based project developer, we know the WA farming community well and are looking forward to the roll-out of the Pilot Project.”

For more information on Carbon Sync and its commitment to fostering a regenerative and sustainable future in agricultural and food systems, please visit www.carbonsync.com.au

About Carbon Sync

Carbon Sync is a soil carbon project developer and advocate of carbon credits in Australia. Through their innovative approach, they work towards aligning agricultural businesses with sustainable practices, providing a practical path towards achieving their carbon-neutral goals.

Media Contact:

Fleur Edwards
Marketing and Public Relations Manager, Carbon Sync
Email: fleur@carbonsync.com.au

-ENDS-

 

PERTH, Australia — Carbon Sync’s Founder and CEO, Louise Edmonds, welcomes the results of a recent study published by S&P Global Commodity Insights, highlighting robust demand for premium-priced Australian Carbon Credit Units (ACCUs). The premium prices are being received by carbon project proponents who are offering late-vintage ACCUs with verified environmental and social co-benefits. 

The report, available on the S&P Global website, confirms a strong market interest in ACCUs, a trend that Carbon Sync, a Western Australian soil carbon project developer, finds encouraging.

“I am extremely heartened by these findings,” said Edmonds. “As a regenerative agriculture and soil carbon project developer, our vision has always been to witness a robust, healthy market for premium carbon credits. We hope to guide farmers to generate these premium carbon credits and improve the profitability of their farms by doing so. In addition, this study reaffirms the value of ACCUs and their vital role in promoting sustainable practices.”

The S&P report shows that the appetite for ACCUs remains strong. ACCUs are an integral component of the Australian Government’s strategy to meet and exceed its commitments under the Paris Agreement. The Government-regulated scheme issues these credits to organisations and individuals who undertake activities that reduce and remove greenhouse gas emissions.

Edmonds continues, “We can foresee a significant increase in demand for carbon credits overall. The robust demand for quality, verified ACCUs is a testament to the growing recognition of their worth within both the corporate sector and broader society. Moreover, it signals that sustainability is increasingly becoming a key priority across sectors and a non-negotiable element of business strategy.”

Under the Carbon Farming Initiative (CFI) and Emissions Reduction Fund (ERF), ACCUs encourage emission reduction and removal projects nationwide. They also offer an economic incentive for agriculture, the corporate sector and individuals to invest in activities that promote environmental sustainability.

“The continued demand for premium-priced ACCUs clearly demonstrates the market’s readiness to invest in nature based solutions, which is both exciting and essential as we strive for a low-carbon future,” said Edmonds.

She concluded, “This robust demand shows we’re on the right track, but it also serves as a call to action. We must continue driving towards an increasingly nature positive future, encouraging more initiatives that reduce carbon emissions, and fostering a culture that values preserving our planet for future generations.”

For more information on Carbon Sync and its commitment to fostering a sustainable future in agricultural and food systems, please visit www.carbonsync.com.au

About Carbon Sync

Carbon Sync is a soil carbon project developer and advocate of carbon credits in Australia. Through their innovative approach, they work towards aligning agricultural businesses with sustainable practices, providing a practical path towards achieving their carbon-neutral goals.

Media Contact:

Fleur Edwards
Marketing and Public Relations Manager, Carbon Sync
Email: fleur@carbonsync.com.au

-ENDS-

 

6 October 2022

Today the Western Australian Government announced that Round Two applications are open for the $15m Carbon Farming and Land Restoration Program.

According to the agriculture and Food Department, “The State Government’s $15 million CarbonFarming and Land Restoration Program (CF-LRP) aims to realize agriculture’s potential to sequester carbon in the landscape and contribute to growing the WA carbon market.

“Selected projects will deliver environmental, social, and economic co-benefits, and contribute to the long-term sustainability of the farming industry,” the web page says.

Carbon Sync’s Founder and CEO, Louise Edmonds, was delighted to hear the announcement that applications for aspiring carbon farmers were again open, after a successful 2021 funding round.

“We’re encouraging all primary producers in our network to consider applying for funding in the the2022/23 Round, which closes on 2 December 2022,” Ms. Edmonds said.

The WA Government handed out $3.6 million in Round One to projects that are projected to remove approximately 260,000 tonnes of carbon dioxide equivalent from the atmosphere over the next decade.

Carbon Sync offers the full suite of carbon farming services and is a signatory to the Australian Carbon Industry Code of Conduct. Carbon Sync is able to provide its carbon farming and regenerative agriculture services to any Western Australian farmer with 250 hectares or more of cleared land, regardless of whether you’ve been granted WA Government funding.

Please contact Carbon Sync to discuss your carbon farming project. Please note that Carbon Sync is not able to provide advice about eligibility for Government funding. Further details about the funding are available on the WA Agriculture and Food website.